Recording Academy CEO praises House’s adoption of ‘build back better’, including HITS law

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CEO Harvey Mason Jr. (Photo: Kathy Hutchins / Shutterstock.com)

The US HOUSE OF REPRESENTATIVES has passed the $ 1.75 billion social and climate spending bill, which is now due to go to the SENATE. The BILL includes the HITS ACT, created to help independent artists return to the studio to create new music.

Currently, individual artists and record producers are required to amortize production expenses for tax purposes over the economic life of a sound recording. The HITS ACT would allow artists and producers to elect to deduct 100% of their production expenses for US-created discs in the year those expenses are incurred, in the same way as eligible film and television production expenses. can be expensed. The HITS ACT would allow an individual to charge the cost of new studio recordings to their taxes, up to $ 150,000.

HARVEY MASON JR, CEO OF THE RECORDING ACADEMY. said: “The move from the BUILD BACK BETTER ACT to the HOME, including the HITS ACT, is an important step forward for music creators keen to create new recordings and revitalize the music economy after more than ‘a year and a half of uncertainty. We sincerely thank everyone who supported this meaningful provision in the HOUSE, and we now urge the SENATE to act quickly to ensure that the HITS ACT becomes law. “

To help move the bill forward, supporters are encouraged to contact their lawmakers and ask for their support.

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